How It Works
- High-rated consumers can get quick, cheap loans
- Lenders have a regular system for assessing loan applications
- Borrowers have an incentive to pay back loans to protect rating
- With accurate risk assessment, it widens access to credit
***
The Problem Areas
- Banks are reluctant to part with information on all customers
- Coop banks, micro-credit etc not obliged to report to credit bureaus
- Consumer profile yet to include payments for telecom, utilities
- Consumers have no access to their credit scores
***
L
.jpg?auto=format%2Ccompress&fit=max&format=webp&w=376&dpr=2.0)
